Whampoa announces a new digital investment arm and appointment of co-chief investment officers.
An established family office based in Singapore, Whampoa Group, on Friday announced that it has established a new digital investment arm that aims to invest about $100 million in a variety of tech-based start-ups.
Called Whampoa Digital, the arm will invest - and incubate - in so-called early-stage ventures that develop blockchain infrastructure as well as Web3 applications that help the technology to become more popular and widely adopted.
Investment Officer Appointments
Whampoa Group, co-founded by Amy Lee and Lee Han Shih, both of whom come from renowned families with close ties to the city-state and the region, also indicated that it had appointed Jeffrey Ma and Peter Huo as co-chief investment officers of the new digital arm.
Ma was previously the global head of mergers and acquisitions at digital asset exchange Huobi and an investment director at Binance, a major crypto industry exchange. Previous to that, he worked at GIC and Goldman Sachs. Huo's last function was as executive director at Binance Labs, which was the venture capital arm and accelerator of the exchange. Before that, he was employed at T. Rowe Price, Klook Technology, and Bank of America Merrill Lynch.
Binance in Difficulty
As finews.com has reported, Binance CEO Changpeng Zhao indicated recently in an internal memo that he was concerned about short-term challenges after pausing US dollar stablecoin withdrawals.
A day before that, on 14 December, Zhao stated in a social media post that significant withdrawals of assets were being made from the crypto exchange.
